Teekay LNG Partners L.P. Announces Pricing of Follow-On Offering
April 05 2011 - 9:24AM
Marketwired
Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE:
TGP) announced today that it has priced its follow-on public
offering of 3,700,000 common units, which represent limited partner
interests, at $38.88 per unit. Teekay LNG has granted the
underwriters a 30-day option to purchase up to an additional
555,000 units to cover over-allotments, if any. The Partnership
intends to use a portion of the net proceeds from the public
offering to fund the equity purchase price of its acquisition from
Teekay Corporation of a 33 percent interest in four newbuilding
160,400-cubic meter liquefied natural gas (LNG) carriers which will
commence operations under time-charter to the Angola LNG project
upon each vessel's respective delivery, scheduled between late 2011
and early 2012. Pending delivery of the vessels, all interim and
remaining net proceeds from the offering will be used to repay
amounts outstanding on one of the Partnership's revolving credit
facilities.
Teekay LNG is a publicly-traded master limited partnership
formed by Teekay Corporation (NYSE: TK) as part of its strategy to
expand its operations in the LNG and liquefied petroleum gas (LPG)
shipping sectors. Teekay LNG provides LNG, LPG and crude oil marine
transportation services under long-term, fixed-rate charter
contracts with major energy and utility companies through its fleet
of seventeen LNG carriers, two LPG carriers, ten Suezmax class
crude oil tankers and one Handymax product tanker.
Teekay LNG's common units trade on the New York Stock Exchange
under the symbol "TGP".
The joint book running managers for this offering are UBS
Investment Bank, Barclays Capital and J.P. Morgan. The co-managers
are Goldman, Sachs & Co., Raymond James, ABN AMRO, Credit
Agricole CIB, ING and Sunrise Securities Corp.
When available, copies of the prospectus supplement and
accompanying base prospectus related to this offering may be
obtained from UBS Securities LLC, Attn: Prospectus Dept., 299 Park
Avenue, New York, NY 10171, Tel: 888-827-7275; Citi, Brooklyn Army
Terminal, 140 58th Street, 8th Floor, Brooklyn, NY, 11220, Tel:
(800) 831-9146; or Barclays Capital Inc. c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY 11717,
Barclaysprospectus@broadridge.com, Tel. (888) 603-5847; or J.P.
Morgan Securities LLC, Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, New York 11717, Telephone: (866)
803-9204.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy the securities described herein,
nor shall there be any sale of these securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. This offering may be made
only by means of a prospectus supplement and accompanying base
prospectus.
The statements in this press release that are not historical
facts may be forward-looking statements. These forward-looking
statements involve risks and uncertainties that could cause the
outcome to be materially different.
Contacts: Teekay LNG Partners L.P. Kent Alekson Investor
Relations Enquiries +1 (604) 609-4793
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